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Chinese automaker Geely buys nearly 8% stake in Aston Martin

Yahoo Finance Video

Yahoo Finance's Akiko Fujita discusses Geely's purchase of Aston Martin stock.

Video Transcript

AKIKO FUJITA: Staying now with the car space. Chinese carmaker Geely is taking a nearly 8% stake in storied British brand Aston Martin. The buy achieves a long awaited goal for Geely, which most recently courted the carmaker over the summer with a rejected equity investment. Geely says the move will help bolster technology collaboration, although Aston Martin declined to comment to Bloomberg and said simply that they welcome the company as a shareholder. The stake builds out Geely's ownership of higher end car brands, including Lotus and Volvo.